Cost Management Plan

A Cost Management Plan is a document that outlines how a project’s costs will be estimated, budgeted, tracked, and controlled. It provides guidance on managing expenses to ensure the project stays within its financial limits. This plan defines roles, responsibilities, tools, and procedures for monitoring costs throughout the project’s lifecycle. Essentially, it helps project managers plan for costs upfront, track spending as the project progresses, and avoid overspending, ensuring the project delivers value without exceeding its budget.